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OPEC: oil prices could drop if Iran fears allayed

OPEC chief Chakib Khelil, who is also Algeria's Energy Minister, has said that oil prices could drop to between 70 and 80 dollars per barrel if the current diplomatic crisis with Iran is solved.

The price of oil could drop to between 70 and 80 dollars a barrel if the dollar strengthens and concerns over Iran are reduced, OPEC chief Chakib Khelil said Saturday.

"If the dollar strengthens and if the crisis with Iran is resolved, the trend in oil prices should be to go towards 70 to 80 dollars," the head of the Organization of Petroleum Exporting Countries said on the sidelines of a conference.

Khelil is also Algeria's Energy Minister.

Oil prices ended the week at around 125 dollars a barrel in London and New York. Crude oil prices have dropped by nearly 25 dollars on both sides of the Atlantic in less than two weeks.